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We study a two-player dynamic investment model with information externalities and provide necessary and sufficient conditions for a unique switching equilibrium. Within this setup, we ask whether policymakers should interfere when better informed agents make individual investment decisions. We find that when the public information is sufficiently high and a social planer therefore expects an investment boom, investments should be taxed. Conversely, any positive investment tax is suboptimally high if the public information is sufficiently unfavorable. We also show that an investment tax may increase overall investment activity.

The hedonic value of an outcome can be influenced by the alternatives to which it is compared, which is why people expect to be happier with outcomes that maximize comparative value (e.g., the best of several mediocre alternatives) than with outcomes that maximize absolute value (e.g., the worst of several excellent alternatives). The results of five experiments suggest that affective forecasters overestimate the importance of comparative value because forecasters do not realize that comparison requires cognitive resources, and that experiences consume more cognitive resources than do forecasts. In other words, because forecasters overestimate the extent to which they will be able to think about what they didn't get while experiencing what they got.

With permission of Elsevier

The four-part case study (text cases A, B, C, and video case D) illustrates key concepts and lessons about leading adaptive change in the context of some extra-musical initiatives of Berlin-based and world-famous conductor and pianist Daniel Barenboim. The case illustrates the challenges associated with resistance to adaptive change, understanding of stakeholders, management of conflicts, and the psychological challenges of leading unpopular, although important, change efforts under the conditions of pressure from various affected parties, who consciously or unconsciously attempt to divert the change-oriented leader from pushing forward. The case serves as fruitful ground for exploration of the theory of adaptive change (as put forward by Heifetz and Linsky), discussion of the dangers of leading, and psychological challenges of leading.

The four-part case study (text cases A, B, C, and video case D) illustrates key concepts and lessons about leading adaptive change in the context of some extra-musical initiatives of Berlin-based and world-famous conductor and pianist Daniel Barenboim. The case illustrates the challenges associated with resistance to adaptive change, understanding of stakeholders, management of conflicts, and the psychological challenges of leading unpopular, although important, change efforts under the conditions of pressure from various affected parties, who consciously or unconsciously attempt to divert the change-oriented leader from pushing forward. The case serves as fruitful ground for exploration of the theory of adaptive change (as put forward by Heifetz and Linsky), discussion of the dangers of leading, and psychological challenges of leading.

The four-part case study (text cases A, B, C, and video case D) illustrates key concepts and lessons about leading adaptive change in the context of some extra-musical initiatives of Berlin-based and world-famous conductor and pianist Daniel Barenboim. The case illustrates the challenges associated with resistance to adaptive change, understanding of stakeholders, management of conflicts, and the psychological challenges of leading unpopular, although important, change efforts under the conditions of pressure from various affected parties, who consciously or unconsciously attempt to divert the change-oriented leader from pushing forward. The case serves as fruitful ground for exploration of the theory of adaptive change (as put forward by Heifetz and Linsky), discussion of the dangers of leading, and psychological challenges of leading.